HS Icon Scrap Iron

7204 (Harmonized System 1992 for 4-digit)

 2019
World Trade
: $35.5B, Rnk 103 / 1217

2019
Top Exporter | Top Importer
: $5.52B | $5.19B, United States | Turkey

2019
Product Complexity
: -0.47, Rnk 657 / 961

2018 - 2019
Export Growth (CAGR)
: -15.1%, Rnk 1074 / 1217

2018
Mean Tariff
: 2.68%, Rnk 1167 / 1259

 2019
Share of World Trade
: 0.2%, Rnk 103 / 1217

Overview:  This page contains the latest trade data of Scrap Iron. In 2019, Scrap Iron were the world's 103rd most traded product, with a total trade of $35.5B. Between 2018 and 2019 the exports of Scrap Iron decreased by -15.1%, from  $41.9B to $35.5B. Trade in Scrap Iron represent 0.2% of total world trade.

Exports: In 2019 the top exporters of Scrap Iron  were United States ($5.52B), Germany ($3.49B), United Kingdom ($2.7B), Japan ($2.62B), and Netherlands ($2.53B).

Imports: In 2019 the top importers of Scrap Iron were Turkey ($5.19B), India ($3.34B), South Korea ($2.16B), Belgium ($1.76B), and Italy ($1.69B).

Tariffs: In 2018 the average tariff for Scrap Iron was 2.68%, making it the 1167th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Scrap Iron are Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.4%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking: Scrap Iron ranks 657th in the Product Complexity Index (PCI).

Description: Ferrous waste and scrap are used in the production of steel. They can be made from iron or steel, and can include slag, scale, and other waste from the production of iron or steel.

Exporters and Importers

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Trade By Country

Top Origin (2019): United States, $5.52B

Top Destination (2019): Turkey, $5.19B

Scrap Iron are the world's 103rd most traded product.

In 2019, the top exporters of Scrap Iron were United States ($5.52B), Germany ($3.49B), United Kingdom ($2.7B), Japan ($2.62B), and Netherlands ($2.53B).

In 2019, the top importers of Scrap Iron were Turkey ($5.19B), India ($3.34B), South Korea ($2.16B), Belgium ($1.76B), and Italy ($1.69B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): Iran, $63.6M

Top Destination Growth (2018 - 2019): Malaysia, $354M

Between 2018 and 2019, the exports of Scrap Iron grew the fastest in Iran ($63.6M), Brazil ($47.2M), Libya ($43.1M), Kazakhstan ($25.9M), and Yemen ($21.1M).

Between 2018 and 2019, the fastest growing importers of Scrap Iron were Malaysia ($354M), Bangladesh ($280M), India ($161M), Saudi Arabia ($152M), and Colombia ($30.1M).

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Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Scrap Iron.

In 2019,  market concentration measured using Shannon Entropy, was 4.92. This means that most of the exports of Scrap Iron are explained by 30 countries.

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TOP NET EXPORTER (2019): United States, $4.17B

TOP NET IMPORTER (2019): Turkey, $5.03B

This map shows which countries export or import more of Scrap Iron. Each country is colored based on the difference in exports and imports of Scrap Iron during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Scrap Iron were United States ($4.17B), United Kingdom ($2.51B), Japan ($2.46B), Germany ($1.88B), and France ($1.59B).

In 2019, the countries that had a largest trade value in imports than in exports of Scrap Iron were Turkey ($5.03B), India ($3.33B), South Korea ($1.95B), Vietnam ($1.47B), and Pakistan ($1.42B).

Disaggregation

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Value

In 2019, the world most traded Scrap Iron, disaggragated by their HS6 level were Ferrous waste or scrap, nes ($21.1B), Waste or scrap, of stainless steel ($6.6B), Waste from the mechanical working of... ($2.72B), Waste or scrap, of alloy steel,... ($2.33B), and Waste or scrap, of cast iron ($1.88B)

Import Tariffs

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In 2018, the average tariff for importing Scrap Iron was 2.68%.  The countries with the highest tariffs for importing Scrap Iron were Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.4%).

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Product Complexity

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.